Barclays plans to price phoenix autocallables linked to three funds

By Tali Rackner

Minneapolis, Aug. 1 – Barclays Bank plc plans to price phoenix autocallable notes due May 7, 2021 linked to the least performing of the SPDR S&P MidCap 400 exchange-traded fund, the Technology Select Sector SPDR Fund and the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.25% to 10.25% each fund closes at or above its coupon barrier price, 70% of the initial price, on the observation date for that quarter.

If each fund closes at or above its initial price on any quarterly observation date beginning on Feb. 4, 2018, the notes will be called at par of $1,000 plus the contingent coupon.

The payout at maturity will be par plus the contingent coupon unless any fund finishes below its 70% barrier price, in which case investors will lose 1% for each 1% decline of the worst performing fund from its initial level.

Barclays is the agent.

The notes are expected to price on Aug. 4 and settle on Aug. 9.

The Cusip number is 06744CDJ7.

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